Global top-tier schools will go head-to-head in world’s largest student competition in quest for social good and USD 1 million in start-up funding

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The Hult Prize recently announced that five students from the F.W. Olin Graduate School at Babson College have advanced to the regional finals of the 4th Annual Hult Prize. The Hult Prize is the world’s largest student competition and crowdsourcing platform for social good, recently named one of the top five ideas changing the world by President Bill Clinton and TIME Magazine. In partnership with the Clinton Global Initiative, the innovative crowdsourcing platform identifies and launches disruptive and catalytic social ventures that aim to solve the planets most pressing challenges. Student teams compete in five cities around the world for a chance to secure USD 1 million in start-up funding to launch a sustainable social venture.

The 2013 Hult Prize is themed around global food security and will focus on how to get safe, sufficient, affordable and easily accessible food to the 200 million people who live in urban slums – a challenge personally selected by President Clinton.

“The Hult Prize is thrilled that Babson has joined the initiative,” said Dr. Stephen Hodges, President of the Hult International Business School. “This year’s competition has received a record number of entries, bringing together some of the most talented students to help solve global food security which can benefit nearly a billion people.”

Ahmad Ashkar, CEO and Founder of the Hult Prize attributes the success of the competition to the global youth revolution and said, “We continue to be moved by the large number of students from around the world who are capitalizing on the opportunity to develop business models that target the bottom of the pyramid.” “We wish every team the best of luck and thank Babson for supporting this initiative.”

Each team selected was chosen from more than 10,000 applications received, totaling over 350 colleges and universities, representing over 150 countries. The Hult Prize regional competitions will take place on March 1 and 2, 2013 on Hult International Business School’s five campuses in Boston, San Francisco, London, Dubai and Shanghai. The students from Babson will compete in Boston.

Following the regional finals, one winning team from each host city will move into a summer business incubator, where participants will receive mentorship, advisory and strategic planning as they create prototypes and set-up to launch their new social business. A final round of competition will be hosted by the Clinton Global Initiative at it’s annual meeting in September, where CGI delegates will select a winning team, who will be awarded the USD 1,000,000 Prize by none other, than President Bill Clinton.

“The Hult Prize is a wonderful example of the creative cooperation needed to build a world with shared opportunity, shared responsibility, and shared prosperity, and each year I look forward to seeing the many outstanding ideas the competition produces.” – President Bill Clinton, Founder, William J. Clinton Foundation and 42nd President of the United States.

Founded in 2009 by Hult International Business School Alumnus Ahmad Ashkar, and responding to a challenge made by President Bill Clinton in 2010, the Hult Prize is committed to launching a new wave of social entrepreneurs through identifying and launching disruptive social ventures that are poised to change the world. Its annual challenge is the world’s largest student competition and one of the world’s leading crowdsourcing platforms for social good. The Hult Prize was recently named one of the top five ideas changing the world by President Bill Clinton and TIME Magazine. Each year, more than ten thousand college and university students from around the world apply to pitch their ideas at one of six regional events that take place in Boston, San Francisco, London, Dubai, Shanghai and online. Up for grabs is USD1,000,000 in start-up funding and an opportunity to spend the summer in the Hult Accelerator - a world class center for innovation. The Hult Prize Global Finals is held inside of the Clinton Global Initiative annual meeting.

The Hult Prize is funded by Swedish Entrepreneur and Founder of EF Education First, Bertil Hult and sponsored by the Hult International Business School and run in partnership with the Clinton Global Initiative. You can follow the Hult Prize on twiiter @hultprize

Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI) convenes global leaders to create and implement innovative solutions to the world’s most pressing challenges. CGI Annual Meetings have brought together more than 150 heads of state, 20 Nobel Prize laureates, and hundreds of leading CEOs, heads of foundations and NGOs, major philanthropists, and members of the media. To date CGI members have made more than 2,100 commitments, which are already improving the lives of nearly 400 million people in more than 180 countries. When fully funded and implemented, these commitments will be valued at $69.2 billion.

CGI’s Annual Meeting is held each September in New York City. CGI also convenes CGI America, a meeting focused on collaborative solutions to economic recovery in the United States, and CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their community or around the world. For more information, visit clintonglobalinitiative.org and follow us on Twitter @ClintonGlobal and Facebook

About Babson College

Babson College is the educator, convener, and thought leader for Entrepreneurship of All Kinds™. The College is a dynamic living and learning laboratory, where students, faculty, and staff work together to address the real-world problems of business and society -- while at the same time evolving our methods and advancing our programs. We shape the leaders our world needs most: those with strong functional knowledge and the skills and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to create economic and social value. As we have for nearly a half-century, Babson continues to advance Entrepreneurial Thought and Action® as the most positive force on the planet for generating sustainable economic and social value.